Yes we have no oil

The point is - reserves aren't fixed - they change due to so many factors. Back in 83 when the Chinese were still on bicycles and before Americans were driving SUVs - there was 60 years of oil left. 25 years later, there is still 60.1 years left despite consumption of 1 million bbl/day.

Click to expand...

China: Talk about hot. GM, the No. 3 seller in China, predicts 11.5 million to 12 million industry car/truck sales in China this year, up from 9.1 million last year. Volkswagen is the No. 1 China seller this year followed by the Hyundai Group.

Non-Chinese companies have two-thirds of the market, but they are all required to partner with a Chinese company. Ford came in late but just announced a third plant, ready in 2012, to raise its capacity to 600,000 cars a year.

Click to expand...

China economy watchers have in recent weeks been puzzled by two seemingly irreconcilable pieces of statistics. Sales of motor vehicles are soaring: some 7.2 million passenger cars were sold during the nine months from January to September 2009, up 42% over the same period in 2008.

Monthly sales figures are even more spectacular: year-on-year sales growth in September was an astonishing 83%.

Click to expand...

SHANGHAI — China’s passenger-car sales rose 76% last month as economic growth and government stimulus measures spurred demand in the world’s largest vehicle market so far this year, the China Association of Automobile Manufacturers said yesterday .

Sales of cars, sport-utility vehicles and multipurpose vehicles climbed to 946400 units last month. Sales in the first 10 months rose 45,2% from a year earlier to 8,19-million .

Click to expand...